Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Amending The Fiscal Year 2020 Operating Budgets Of Various Funds As Adopted And Approved By Resolution R-2019-283.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the Resolution.
Explanation:
This Resolution seeks authorization to amend the Fiscal Year (FY) 2020 Operating Budget adopted and approved by the City Commission pursuant to Resolution R-2019-283 on September 26, 2019.
Fiscal Impact:
Exhibits 1 - 3 include $328,399.00 of budgetary amendments within the General Fund, General Capital Fund and Gas Tax Fund. The amendments include:
• Allocations within the General Fund totaling $120,000.00 for items previously approved by Commission (including a legal settlement and cost for the 3-year emergency line of credit).
• True-up of funds rolled over from the prior fiscal year within the General Capital Fund and Gas Tax Fund totaling $208,399.00.
Exhibits 4 and 5 include $4.5 million of budgetary amendments within the Water & Sewer Fund and Stormwater Fund. The amendments primarily consist of:
• Reallocation of capital funds from closed or delayed projects within the Water & Sewer Fund (approximately $3.4 million) and Stormwater Fund (approximately $772,562.00) to address current capital needs in the Public Utilities Department.
• Transfer of available funds within the Water & Sewer Fund in the amount of $339,500.00 to address operational needs.
Recommended for inclusion on the agenda by:
Laurette Jean, Director of Budget & Performance Management
Adam Reichbach, Assistant City Manager for Finance and Administration